NEW YORK (TheStreet) -- Hanesbrands (HBI) stock is rising by 8.31% to $30.11 in early-afternoon trading on Thursday, after the clothing manufacturer agreed to a $835 million deal to acquire Sydney-listed Pacific Brands, the parent company of Australia's biggest underwear brand Bonds.

The deal will add Australia and New Zealand to the countries where Hanesbrands has the biggest or second-biggest share of the underwear market. It is the company's sixth buyout in the past three years.

"The acquisition is expected to result in significant savings through the use of Hanes' large-scale, low-cost global supply chain," Hanesbrands said in a statement.

"This will also add geographic scale," COO Gerald Evans noted.

Pacific Brands's board unanimously recommended the transaction.

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.

Hanesbrands' strengths such as its growth in earnings per share, increase in net income, revenue growth, notable return on equity and expanding profit margins. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.